Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 05, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001083522 | |
Entity Registrant Name | JONES SODA CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-28820 | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 52-2336602 | |
Entity Address, Address Line One | 4786 1st Avenue South, Suite 103 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98134 | |
City Area Code | 206 | |
Local Phone Number | 624-3357 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 101,258,135 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,221 | $ 7,971 |
Accounts receivable, net of allowance of $150 and $110, respectively | 2,858 | 3,170 |
Inventory | 2,648 | 2,621 |
Prefunded insurance premiums from financing | 0 | 612 |
Prepaid expenses and other current assets | 1,109 | 601 |
Total current assets | 11,836 | 14,975 |
Fixed assets, net of accumulated depreciation of $349 and $309, respectively | 154 | 127 |
Total assets | 11,990 | 15,102 |
Current liabilities: | ||
Accounts payable | 1,039 | 1,070 |
Accrued expenses | 1,988 | 1,643 |
Insurance premium financing | 0 | 612 |
Taxes payable | 3 | 10 |
Total current liabilities | 3,030 | 3,335 |
Total liabilities | 3,030 | 3,335 |
Shareholders’ equity: | ||
Authorized — 800,000,000 issued and outstanding shares — 101,258,135 shares and 100,263,135 shares, respectively | 90,187 | 89,680 |
Accumulated other comprehensive income | 294 | 287 |
Accumulated deficit | (81,521) | (78,200) |
Total shareholders’ equity | 8,960 | 11,767 |
Total liabilities and shareholders’ equity | $ 11,990 | $ 15,102 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance | $ 150,000 | $ 110,000 |
Fixed assets, accumulated depreciation | $ 349,000 | $ 309,000 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, issued (in shares) | 101,258,135 | 100,263,135 |
Common stock, outstanding (in shares) | 101,258,135 | 100,263,135 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 4,497 | $ 4,806 | $ 13,173 | $ 15,344 |
Cost of goods sold | 3,017 | 3,515 | 8,999 | 11,129 |
Gross profit | 1,480 | 1,291 | 4,174 | 4,215 |
Operating expenses: | ||||
Selling and marketing | 1,154 | 1,508 | 3,266 | 3,727 |
General and administrative | 1,270 | 1,476 | 4,234 | 4,880 |
Total operating expenses | 2,424 | 2,984 | 7,500 | 8,607 |
Loss from operations | (944) | (1,693) | (3,326) | (4,392) |
Interest income | 20 | 1 | 38 | 5 |
Interest expense | 0 | 0 | 0 | (377) |
Other income (expense), net | (2) | 22 | (3) | 11 |
Loss before income taxes | 926 | 1,670 | 3,291 | 4,753 |
Income tax expense, net | (8) | (8) | (30) | (24) |
Net loss | $ (934) | $ (1,678) | $ (3,321) | $ (4,777) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.01) | $ (0.02) | $ (0.03) | $ (0.05) |
Weighted average common shares outstanding - basic and diluted (in shares) | 101,090,744 | 99,913,135 | 100,809,838 | 91,709,456 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net loss | $ (934) | $ (1,678) | $ (3,321) | $ (4,777) |
Other comprehensive loss: | ||||
Foreign currency translation adjustment | (39) | (107) | 7 | (128) |
Total comprehensive loss | $ (973) | $ (1,785) | $ (3,314) | $ (4,905) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 67,840,941 | |||
Balance at Dec. 31, 2021 | $ 76,017 | $ 396 | $ (71,796) | $ 4,617 |
Stock-based compensation (in shares) | 3,120,000 | |||
Stock-based compensation | $ 1,060 | 0 | 0 | 1,060 |
Net income (loss) | 0 | 0 | (4,777) | (4,777) |
Other comprehensive income (loss) | $ 0 | (128) | 0 | (128) |
Common stock issued upon conversion of notes payable (in shares) | 10,472,146 | |||
Common stock issued upon conversion of notes payable | $ 5,148 | 0 | 0 | 5,148 |
Common stock and warrants issued, net of closing costs of $848 (in shares) | 20,000,048 | |||
Common stock and warrants issued, net of closing costs of $848 | $ 7,152 | 0 | 0 | 7,152 |
Net loss | $ 0 | 0 | (4,777) | (4,777) |
Balance (in shares) at Sep. 30, 2022 | 101,433,135 | |||
Balance at Sep. 30, 2022 | $ 89,377 | 268 | (76,573) | 13,072 |
Balance (in shares) at Jun. 30, 2022 | 98,393,135 | |||
Balance at Jun. 30, 2022 | $ 88,703 | 375 | (74,895) | 14,183 |
Stock-based compensation (in shares) | 3,040,000 | |||
Stock-based compensation | $ 674 | 0 | 0 | 674 |
Net income (loss) | 0 | 0 | (1,678) | (1,678) |
Other comprehensive income (loss) | 0 | (107) | 0 | (107) |
Net loss | $ 0 | 0 | (1,678) | (1,678) |
Balance (in shares) at Sep. 30, 2022 | 101,433,135 | |||
Balance at Sep. 30, 2022 | $ 89,377 | 268 | (76,573) | $ 13,072 |
Balance (in shares) at Dec. 31, 2022 | 100,263,135 | 100,263,135 | ||
Balance at Dec. 31, 2022 | $ 89,680 | 287 | (78,200) | $ 11,767 |
Stock-based compensation (in shares) | 1,275,000 | |||
Stock-based compensation | $ 608 | 0 | 0 | 608 |
Net income (loss) | 0 | 0 | (3,321) | (3,321) |
Other comprehensive income (loss) | $ 0 | 7 | 0 | 7 |
Exercise of Pinestar Warrants (in shares) | 200,000 | |||
Exercise of Pinestar Warrants | $ 9 | 0 | 0 | 9 |
Net loss | $ 0 | 0 | (3,321) | $ (3,321) |
Shares withheld for taxes upon RSU vesting (in shares) | (480,000) | (480,000) | ||
Shares withheld for taxes upon RSU vesting | $ (110) | 0 | 0 | $ (110) |
Balance (in shares) at Sep. 30, 2023 | 101,258,135 | 101,258,135 | ||
Balance at Sep. 30, 2023 | $ 90,187 | 294 | (81,521) | $ 8,960 |
Balance (in shares) at Jun. 30, 2023 | 101,058,135 | |||
Balance at Jun. 30, 2023 | $ 90,110 | 333 | (80,587) | 9,856 |
Stock-based compensation | 68 | 0 | 0 | 68 |
Net income (loss) | 0 | 0 | (934) | (934) |
Other comprehensive income (loss) | $ 0 | (39) | 0 | (39) |
Exercise of Pinestar Warrants (in shares) | 200,000 | |||
Exercise of Pinestar Warrants | $ 9 | 0 | 0 | 9 |
Net loss | $ 0 | 0 | (934) | $ (934) |
Balance (in shares) at Sep. 30, 2023 | 101,258,135 | 101,258,135 | ||
Balance at Sep. 30, 2023 | $ 90,187 | $ 294 | $ (81,521) | $ 8,960 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Net of closing costs | $ 848 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (3,321,000) | $ (4,777,000) |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ||
Depreciation and amortization | 45,000 | 399,000 |
Stock-based compensation | 608,000 | 1,060,000 |
Change in allowance for doubtful accounts | 40,000 | (6,000) |
Gain on insurance claim | 0 | (23,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 277,000 | (1,314,000) |
Inventory | (27,000) | (633,000) |
Prefunded insurance premiums from financing | 612,000 | 920,000 |
Prepaid expenses and other current assets | (506,000) | (428,000) |
Other assets | 0 | 25,000 |
Accounts payable | (30,000) | (152,000) |
Accrued expenses | 237,000 | (66,000) |
Taxes payable | (7,000) | 4,000 |
Other liabilities | 0 | (10,000) |
Net cash used in operating activities | (2,072,000) | (5,001,000) |
INVESTING ACTIVITIES: | ||
Proceeds from insurance claim on property damage | 0 | 31,000 |
Purchase of fixed assets | (73,000) | (29,000) |
Net cash provided by (used in) investing activities | (73,000) | 2,000 |
FINANCING ACTIVITIES: | ||
Proceeds from the exercise of Pinestar Warrants | 9,000 | 0 |
Repayments on insurance financing | (612,000) | (920,000) |
Net cash provided by (used in) financing activities | (603,000) | 8,586,000 |
Net change in cash and cash equivalents | (2,748,000) | 3,587,000 |
Effect of exchange rate changes on cash | (2,000) | (52,000) |
Cash and cash equivalents, beginning of period | 7,971,000 | 4,667,000 |
Cash and cash equivalents, end of period | 5,221,000 | 8,202,000 |
Supplemental disclosure: | ||
Interest | 0 | 47,000 |
Income taxes | 28,000 | 16,000 |
Supplemental disclosure of non-cash transactions: | ||
Conversion of notes payable | 0 | 5,147,000 |
Convertible Subordinated Notes Payable [Member] | ||
FINANCING ACTIVITIES: | ||
Proceeds from issuance of convertible notes | 0 | 2,354,000 |
Contingent Convertible Debentures [Member] | ||
FINANCING ACTIVITIES: | ||
Proceeds from issuance of convertible notes | $ 0 | $ 7,152,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations and Summary of Significant Accounting Policies Jones Soda Co. develops, produces, markets and distributes premium beverages which it sells and distributes primarily in the United States and Canada through its network of independent distributors and directly to its national and regional retail accounts. In addition, following the closing of the Plan of Arrangement (See note 4 We are a Washington corporation and have six Basis of presentation, consolidation and use of estimates The accompanying condensed consolidated balance sheet as of December 31, 2022, September 30, 2023, In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all material adjustments, consisting only of those of a normal and recurring nature, considered necessary for a fair presentation of our financial position, results of operations and cash flows at the dates and for the periods presented. Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Significant items subject to such estimates and assumptions include, but are not not 10 December 31, 2022. Liquidity As of September 30, 2023 December 31, 2022, nine September 30, 2023 2022 nine September 30, 2023. We did not September 30, 2023 2022. may may We intend to continually monitor and adjust our operating plan as necessary to respond to developments in our business, our markets and the broader economy. As of the date of this Report and as a result of our cash on hand, we believe that our current cash and cash equivalents will be sufficient to meet the Company’s funding requirements for one Seasonality and other fluctuations Our sales are seasonal and we experience fluctuations in quarterly results as a result of many factors. We historically have generated a greater percentage of our revenues during the warm weather months of April September. may may not not Revenue recognition Our contracts have a single performance obligation which is satisfied at the point in time when the customer has title and the significant risks and rewards of ownership of the product. Title and the significant risk and rewards of ownership are deemed to transfer when products are loaded onto a truck for shipment or Free on Board (“FOB”) shipping point. We primarily receive fixed consideration for sales of product, subject to adjustment as described below. Shipping and handling amounts paid by customers are primarily for online orders, and are included in revenue, and totaled $38,000 and $34,000 for the three September 30, 2023 2022, nine September 30, 2023 2022, See Note 1, 10 March 29, 2023 Revenue is recorded net of provisions for discounts, slotting fees payable by us to retailers to stock our products and promotional allowances. Discounts, slotting fees and promotional allowances vary the consideration we are entitled to in exchange for the sale of products to distributors. We estimate these discounts, slotting fees and promotional allowances in the same period that the revenue is recognized for product sales to customers. These estimates are based on contract terms and our historical experience with similar programs and require management judgement with respect to estimating customer participation and performance levels. Differences between estimated expense and actual costs are normally insignificant and are recognized in earnings in the period such differences are determined. The amount of revenue recognized represents the amount that will not September 30, 2023 2022, nine September 30, 2023 2022, All sales to distributors and customers are generally final. In limited instances we may not 30 15 The accounts receivable balance primarily includes balances from trades sales to distributors and retail customers. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in existing accounts receivable. We determine the allowance for doubtful accounts based primarily on historical write-off experience. Account balances that are deemed uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Allowances for doubtful accounts of $150,000 and $110,000 as of September 30, 2023 December 31, 2022, No three nine September 30, 2023 December 31, 2022. As of September 30, 2023, none December 31, 2022, Net loss per share Basic net loss per share is computed using the weighted average number of common shares outstanding during the periods. Diluted earnings per share is computed by adjusting the weighted average number of common shares by the effective net exercise or conversion of all dilutive securities. Due to the net loss during the three nine September 30, 2023 2022 , September 30, 2023 2022, Recent accounting pronouncements In June 2016, 2016 13, 2016 13” first 2023, no September 30, 2023. |
Note 2 - Inventory
Note 2 - Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. Inventory Inventory consisted of the following (in thousands): September 30, 2023 December 31, 2022 Finished goods $ 1,448 $ 1,234 Raw materials 1,200 1,387 $ 2,648 $ 2,621 Finished goods primarily include product ready for shipment, as well as promotional merchandise held for sale. Raw materials primarily include ingredients, concentrate and packaging. For the three September 30, 2023 2022, nine September 30, 2023 2022, |
Note 3 - Convertible Debentures
Note 3 - Convertible Debentures | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Convertible Subordinated Notes Payable [Text Block] | 3. Convertible Debentures 2018 On March 23, 2018, April 18, 2018, “2018 The 2018 four 2018 two March 23, 2022, April 18, 2022. 2018 2018 $0.32 No The 2018 The fair value of our common stock on the March 23, 2018, first 2018 2018 April 18, 2018, second 2018 not 2018 March 23, 2018 2018 2018 April 18, 2022, 2018 no 2018 2021 On July 14, 2021, July 14, 2023 ( “2021 1 one one one The closing of the statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Plan of Arrangement”) with Pinestar Gold Inc. (“Pinestar”) in February 2022 2021 2021 2022 On February 9, 2022, February 9, 2023 ( May 16, 2022. February 9, 2023 ( April 1, 2022. May 16, 2022 |
Note 4 - Shareholders' Equity
Note 4 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 4. Shareholders Equity On May 16, 2022, 2022 "2022 2011 2022 2022 2011 2011 2022 1,936,074 shares of common stock reserved under the terms of our 2011 “2011 2022 2022 Under the terms of the 2022 may ten September 30, 2023, (a) Stock options: A summary of our stock option activity is as follows: Outstanding Options Number of Shares Weighted Average Exercise Price (Per Share) Balance at January 1, 2023 3,369,332 $ 0.41 Options granted 9,659,000 0.23 Options forfeited/expired (1,461,185 ) 0.37 Balance at September 30, 2023 11,567,147 $ 0.26 Exercisable, September 30, 2023 3,730,065 $ 0.33 Vested and expected to vest 9,713,264 $ 0.27 Outstanding Options Number of Shares Weighted Average Exercise Price Balance at January 1, 2022 3,405,511 $ 0.38 Options granted 665,648 0.54 Options forfeited/expired (834,327 ) 0.41 Balance at September 30, 2022 3,236,832 $ 0.41 Exercisable, September 30, 2022 2,385,258 $ 0.32 Vested and expected to vest 2,996,512 $ 0.39 (b) Restricted stock awards: Beginning on May 13, 2022, 2022 On December 30, 2022, 2022 2022 no 2022 August 2022. In May 2023, three A summary of our restricted stock activity for the nine September 30, 2023 Restricted Shares Weighted-Average Grant Date Fair Value per share Weighted- Average Contractual Life (years) Non-vested restricted stock at January 1, 2023 - $ - - Granted 1,800,000 0.26 Vested (1,200,000 ) 0.26 Cancelled/expired - - Non-vested restricted stock at September 30, 2023 600,000 $ 0.26 9.4 We withheld a total of 480,000 shares as payment for withholding taxes due in connection with the vesting of restricted stock awards during the nine September 30, 2023, (c) Stock-based compensation expense: Stock-based compensation expense is recognized using the straight-line attribution method over the employees’ requisite service period, or the non-employee's service period based on the term of the contract. We recognize compensation expense for only the portion of stock options or restricted stock expected to vest. Therefore, we apply estimated forfeiture rates that are derived from historical employee attrition. If the actual number of forfeitures differs from those estimated by management, additional adjustments to stock-based compensation expense may At September 30, 2023, The following table summarizes the stock-based compensation expense (in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Stock options $ 68 $ 24 $ 399 $ 316 Common stock award - - 17 - Restricted stock - 650 192 744 $ 68 $ 674 $ 608 $ 1,060 Income statement account: Selling and marketing $ (20 ) $ 534 $ 25 $ 643 General and administrative 88 140 583 417 $ 68 $ 674 $ 608 $ 1,060 During the nine September 30, 2023, 2022 We employ the following key weighted-average assumptions in determining the fair value of stock options, using the Black-Scholes option pricing model and the simplified method to estimate the expected term of “plain vanilla” options: Nine months ended September 30, 2023 2022 Expected dividend yield — — Expected stock price volatility 87.5 % 78.4 % Risk-free interest rate 3.9 % 1.7 % Expected term (in years) 5.8 5.9 Weighted-average grant date fair-value $ 0.17 $ 0.36 The aggregate intrinsic value of stock options outstanding at September 30, 2023 three nine September 30, 2023 2022. (d) Closing of the Pinestar Gold Inc. - Plan of Arrangement: On February 15, 2022, one one In connection with the Plan of Arrangement, Pinestar completed a subscription receipt offering for aggregate net proceeds of $7,152,000, at a price per subscription receipt equal to $0.50. As part of the closing of the Plan of Arrangement, each such subscription receipt automatically converted into one one 1:1 The issuance of shares of our common stock to the holders of Pinestar Shares (including Pinestar Shares received upon the conversion of the subscription receipts issued in the Pinestar subscription receipt offering) in the Plan of Arrangement was exempt from the registration requirements under the United States Securities Act of 1933, 3 10 one The following table summarizes the Company's outstanding warrants as of September 30, 2023: Number Outstanding Remaining Contractual Life (Years) Exercise Price Per Share Number Exercisable Jones Special Warrants (1) 26,047,137 0.45 $ 0.63 USD 26,047,137 Pinestar Warrants (2) 1,474,808 0.50 0.06 CAD 1,474,808 27,521,945 27,521,945 ( 1 2021 ( 2 two 2022. During the three September 30, 3023, |
Note 5 - Segment Information
Note 5 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 5. Segment Information We have one Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenue: United States $ 3,464 $ 3,746 $ 10,507 $ 12,187 Canada 1,033 1,021 2,626 3,055 Other countries - 39 40 102 Total revenue $ 4,497 $ 4,806 $ 13,173 $ 15,344 During the three September 30, 2023 2022, one |
Note 6 - Insurance Premium Fina
Note 6 - Insurance Premium Financing | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Insurance Disclosure [Text Block] | 6. Insurance Premium Financing Effective November 15, 2021, one January 15, 2022, April 15, 2022, July 15, 2022, July 15, 2022. no Effective November 15, 2022, one January 15, 2023, April 15, 2023, July 15, 2023, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation, consolidation and use of estimates The accompanying condensed consolidated balance sheet as of December 31, 2022, September 30, 2023, In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all material adjustments, consisting only of those of a normal and recurring nature, considered necessary for a fair presentation of our financial position, results of operations and cash flows at the dates and for the periods presented. Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Significant items subject to such estimates and assumptions include, but are not not 10 December 31, 2022. |
Going Concern [Policy Text Block] | Liquidity As of September 30, 2023 December 31, 2022, nine September 30, 2023 2022 nine September 30, 2023. We did not September 30, 2023 2022. may may We intend to continually monitor and adjust our operating plan as necessary to respond to developments in our business, our markets and the broader economy. As of the date of this Report and as a result of our cash on hand, we believe that our current cash and cash equivalents will be sufficient to meet the Company’s funding requirements for one |
Seasonal Nature of Business [Policy Text Block] | Seasonality and other fluctuations Our sales are seasonal and we experience fluctuations in quarterly results as a result of many factors. We historically have generated a greater percentage of our revenues during the warm weather months of April September. may may not not |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition Our contracts have a single performance obligation which is satisfied at the point in time when the customer has title and the significant risks and rewards of ownership of the product. Title and the significant risk and rewards of ownership are deemed to transfer when products are loaded onto a truck for shipment or Free on Board (“FOB”) shipping point. We primarily receive fixed consideration for sales of product, subject to adjustment as described below. Shipping and handling amounts paid by customers are primarily for online orders, and are included in revenue, and totaled $38,000 and $34,000 for the three September 30, 2023 2022, nine September 30, 2023 2022, See Note 1, 10 March 29, 2023 Revenue is recorded net of provisions for discounts, slotting fees payable by us to retailers to stock our products and promotional allowances. Discounts, slotting fees and promotional allowances vary the consideration we are entitled to in exchange for the sale of products to distributors. We estimate these discounts, slotting fees and promotional allowances in the same period that the revenue is recognized for product sales to customers. These estimates are based on contract terms and our historical experience with similar programs and require management judgement with respect to estimating customer participation and performance levels. Differences between estimated expense and actual costs are normally insignificant and are recognized in earnings in the period such differences are determined. The amount of revenue recognized represents the amount that will not September 30, 2023 2022, nine September 30, 2023 2022, All sales to distributors and customers are generally final. In limited instances we may not 30 15 The accounts receivable balance primarily includes balances from trades sales to distributors and retail customers. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in existing accounts receivable. We determine the allowance for doubtful accounts based primarily on historical write-off experience. Account balances that are deemed uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Allowances for doubtful accounts of $150,000 and $110,000 as of September 30, 2023 December 31, 2022, No three nine September 30, 2023 December 31, 2022. As of September 30, 2023, none December 31, 2022, |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share Basic net loss per share is computed using the weighted average number of common shares outstanding during the periods. Diluted earnings per share is computed by adjusting the weighted average number of common shares by the effective net exercise or conversion of all dilutive securities. Due to the net loss during the three nine September 30, 2023 2022 , September 30, 2023 2022, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In June 2016, 2016 13, 2016 13” first 2023, no September 30, 2023. |
Note 2 - Inventory (Tables)
Note 2 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2023 December 31, 2022 Finished goods $ 1,448 $ 1,234 Raw materials 1,200 1,387 $ 2,648 $ 2,621 |
Note 4 - Shareholders' Equity (
Note 4 - Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Outstanding Options Number of Shares Weighted Average Exercise Price (Per Share) Balance at January 1, 2023 3,369,332 $ 0.41 Options granted 9,659,000 0.23 Options forfeited/expired (1,461,185 ) 0.37 Balance at September 30, 2023 11,567,147 $ 0.26 Exercisable, September 30, 2023 3,730,065 $ 0.33 Vested and expected to vest 9,713,264 $ 0.27 Outstanding Options Number of Shares Weighted Average Exercise Price Balance at January 1, 2022 3,405,511 $ 0.38 Options granted 665,648 0.54 Options forfeited/expired (834,327 ) 0.41 Balance at September 30, 2022 3,236,832 $ 0.41 Exercisable, September 30, 2022 2,385,258 $ 0.32 Vested and expected to vest 2,996,512 $ 0.39 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Restricted Shares Weighted-Average Grant Date Fair Value per share Weighted- Average Contractual Life (years) Non-vested restricted stock at January 1, 2023 - $ - - Granted 1,800,000 0.26 Vested (1,200,000 ) 0.26 Cancelled/expired - - Non-vested restricted stock at September 30, 2023 600,000 $ 0.26 9.4 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Stock options $ 68 $ 24 $ 399 $ 316 Common stock award - - 17 - Restricted stock - 650 192 744 $ 68 $ 674 $ 608 $ 1,060 Income statement account: Selling and marketing $ (20 ) $ 534 $ 25 $ 643 General and administrative 88 140 583 417 $ 68 $ 674 $ 608 $ 1,060 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine months ended September 30, 2023 2022 Expected dividend yield — — Expected stock price volatility 87.5 % 78.4 % Risk-free interest rate 3.9 % 1.7 % Expected term (in years) 5.8 5.9 Weighted-average grant date fair-value $ 0.17 $ 0.36 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number Outstanding Remaining Contractual Life (Years) Exercise Price Per Share Number Exercisable Jones Special Warrants (1) 26,047,137 0.45 $ 0.63 USD 26,047,137 Pinestar Warrants (2) 1,474,808 0.50 0.06 CAD 1,474,808 27,521,945 27,521,945 |
Note 5 - Segment Information (T
Note 5 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenue: United States $ 3,464 $ 3,746 $ 10,507 $ 12,187 Canada 1,033 1,021 2,626 3,055 Other countries - 39 40 102 Total revenue $ 4,497 $ 4,806 $ 13,173 $ 15,344 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) | |
Cash and Cash Equivalents, at Carrying Value | $ 5,221,000 | $ 5,221,000 | $ 7,971,000 | ||
Working Capital (Deficit) | 8,800,000 | 8,800,000 | $ 11,600,000 | ||
Net Cash Provided by (Used in) Operating Activities | (2,072,000) | $ (5,001,000) | |||
Revenues | 4,497,000 | $ 4,806,000 | 13,173,000 | $ 15,344,000 | |
Slotting Fees and Promotional Allowances | 538,000 | $ 397,000 | 1,200,000 | ||
Maximum Discount for Customers, Payment Made Within 15 Days | 2% | ||||
Accounts Receivable, Allowance for Credit Loss, Current | $ 150,000 | $ 150,000 | $ 110,000 | ||
Share-Based Payment Arrangement [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 11,567,147 | 3,236,832 | 11,567,147 | 3,236,832 | |
Warrant [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 27,521,945 | 27,721,945 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Major Customers | 2 | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||
Concentration Risk, Percentage | 22% | ||||
Shipping and Handling [Member] | |||||
Revenues | $ 38,000 | $ 34,000 | $ 124,000 | $ 120,000 |
Note 2 - Inventory (Details Tex
Note 2 - Inventory (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Inventory Write-down | $ 12,000 | $ 32,000 | $ 16,000 | $ 37,000 |
Note 2 - Inventory - Inventory
Note 2 - Inventory - Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finished goods | $ 1,448 | $ 1,234 |
Raw materials | 1,200 | 1,387 |
Inventory, Net | $ 2,648 | $ 2,621 |
Note 3 - Convertible Debentur_2
Note 3 - Convertible Debentures (Details Textual) | 3 Months Ended | 9 Months Ended | ||||||
Feb. 09, 2022 USD ($) $ / shares shares | Jul. 14, 2021 USD ($) $ / shares shares | Apr. 18, 2018 USD ($) $ / shares | Mar. 23, 2018 USD ($) $ / shares | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 $ / shares | |
Share Price (in dollars per share) | $ / shares | $ 0.3 | $ 0.36 | $ 0.26 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.06 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 5,148,000 | |||||||
Plan of Arrangement Conversion [Member] | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 0.5 | |||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 4,025,035 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 2,000,000 | |||||||
Jones Special Warrant [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.625 | $ 0.63 | ||||||
Warrants and Rights Outstanding, Term (Month) | 24 months | |||||||
Plan of Arrangement Warrant Conversion [Member] | ||||||||
Class of Warrant or Right, Exercised (in shares) | shares | 4,025,035 | |||||||
Convertible Notes [Member] | ||||||||
Convertible Subordinated Debt, Total | $ 2,920,000 | |||||||
Debt Instrument, Term (Year) | 4 years | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 0.32 | |||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 350,000 | |||||||
Debt Issuance Costs, Gross | $ 137,000 | |||||||
Unsecured Convertible Debenture to SOL Verano Blocker 1 LLC [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 0.5 | |||||||
Proceeds from Convertible Debt | $ 2,000,000 | |||||||
Convertible Debt Common Shares Issuable per Unit (in shares) | shares | 1 | |||||||
Convertible Debt Warrants Issuable per Unit (in shares) | shares | 1 | |||||||
Contingent Convertible Debentures [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | |||||||
Debt Issuance Costs, Gross | $ 108,000 | |||||||
Proceeds from Convertible Debt | $ 3,000,000 | $ 0 | $ 7,152,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.5 |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
May 16, 2022 shares | Feb. 15, 2022 USD ($) $ / shares shares | Jul. 14, 2021 $ / shares shares | May 31, 2023 shares | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | Sep. 30, 2023 $ / shares | Dec. 31, 2022 $ / shares shares | Apr. 18, 2018 $ / shares | Mar. 23, 2018 $ / shares | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 480,000 | |||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 0.26 | $ 0.26 | $ 0.3 | $ 0.36 | ||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 893,000 | $ 893,000 | ||||||||||||||
Share-Based Payment Arrangement, Expense | $ | 68,000 | $ 674,000 | 608,000 | $ 1,060,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ | 14,000 | 14,000 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 14,000 | $ 14,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease), Total (in shares) | 0 | |||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 27,521,945 | 27,521,945 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.06 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised (in shares) | 200,000 | |||||||||||||||
Proceeds from Warrant Exercises | $ | $ 9,000 | |||||||||||||||
Jones Special Warrant [Member] | ||||||||||||||||
Proceeds from a Subscription Receipt, Net | $ | $ 8,000,000 | |||||||||||||||
Subscription Receipt, Conversion into Warrants (in shares) | 16,000,000 | |||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | [1] | 26,047,137 | 26,047,137 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.625 | $ 0.63 | $ 0.63 | |||||||||||||
Pinestar Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 1,474,808 | [2] | 1,474,808 | [2] | 1,674,808 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.06 | $ 0.06 | ||||||||||||||
Conversion of 2021 Unsecured Convertible Debenture into Jones Special Warrants [Member] | ||||||||||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares) | 4,025,035 | |||||||||||||||
Conversion of 2022 Unsecured Convertible Debenture into Jones Special Warrants [Member] | ||||||||||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares) | 6,022,102 | |||||||||||||||
Pinestar Subscription Receipt Offering [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 20,000,048 | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 7,152,000 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 0.5 | |||||||||||||||
Director [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||||
Director [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 300,000 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Granted Annual Compensation (in shares) | 150,000 | |||||||||||||||
Two Board of Director's Members [Member] | Pinestar Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Warrants Issued During Period (in shares) | 600,000 | |||||||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 68,000 | 24,000 | $ 399,000 | 316,000 | ||||||||||||
Stock Options and Non-vested Stock [Member] | ||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |||||||||||||||
Common Stock Award [Member] | ||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 0 | $ 0 | $ 17,000 | $ 0 | ||||||||||||
The 2022 Incentive Plan [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 10,000,000 | |||||||||||||||
The 2022 Incentive Plan [Member] | Common Stock Award [Member] | ||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in shares) | 75,000 | |||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 17,000 | |||||||||||||||
The 2011 Incentive Plan [Member] | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 11,936,074 | |||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,936,074 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,076,074 | 1,076,074 | ||||||||||||||
The 2011 Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||||||
[1]Upon conversion of the beforementioned 2021 Unsecured Convertible Debenture, 4,025,035 Jones Special Warrants were issued. In connection with the beforementioned Plan of Arrangement, Pinestar completed an offering for Subscription Receipts for aggregate gross proceeds of $8,000,000. Pursuant to the Plan of Arrangement, each Subscription Receipt automatically converted into 16,000,000 Jones Special Warrants. Lastly, Upon conversion of the beforementioned 2022 Unsecured Convertible Debenture, 6,022,102 Jones Special Warrants were issued.[2]In connection with the beforementioned Plan of Arrangement, Pinestar, Pinestar had outstanding 16,800,000 existing common share purchase warrants and as a result of the consolidation, and the number of Pinestar Shares issuable pursuant to the Pinestar warrants as adjusted in accordance with their terms to account for the consolidation (10.031 pre consolidation shares to 1 post consolidation), resulting in an aggregate of approximately 1,674,808 post-consolidated Pinestar warrants, subject to rounding, each exercisable for the purchase of one post-consolidation Pinestar Share at a price of $0.0602 CAD per share. 600,000 warrants were transferred to two Board of Director members for 2022 services, thus resulting in $76,000 in stock compensation expense incurred during the year ended December 31, 2022 |
Note 4 - Shareholders' Equity -
Note 4 - Shareholders' Equity - Summary of Stock Option Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Balance, number of shares (in shares) | 3,369,332 | 3,405,511 |
Balance, weighted average exercise price (in dollars per share) | $ 0.41 | $ 0.38 |
Options granted, number of shares (in shares) | 9,659,000 | 665,648 |
Options granted, weighted average exercise price (in dollars per share) | $ 0.23 | $ 0.54 |
Options forfeited/expired, number of shares (in shares) | (1,461,185) | (834,327) |
Options forfeited/expired, weighted average exercise price (in dollars per share) | $ 0.37 | $ 0.41 |
Balance, number of shares (in shares) | 11,567,147 | 3,236,832 |
Balance, weighted average exercise price (in dollars per share) | $ 0.26 | $ 0.41 |
Exercisable, number of shares (in shares) | 3,730,065 | 2,385,258 |
Exercisable, weighted average exercise price (in dollars per share) | $ 0.33 | $ 0.32 |
Vested and expected to vest, number of shares (in shares) | 9,713,264 | 2,996,512 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 0.27 | $ 0.39 |
Note 4 - Shareholders' Equity_3
Note 4 - Shareholders' Equity - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Non-vested restricted stock (in shares) | shares | 0 |
Non-vested restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted (in shares) | shares | 1,800,000 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0.26 |
Vested (in shares) | shares | (1,200,000) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0.26 |
Cancelled/expired (in shares) | shares | 0 |
Cancelled/expired/rescinded, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Non-vested restricted stock (in shares) | shares | 600,000 |
Non-vested restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0.26 |
Non-vested restricted stock, weighted-average contractual life (Year) | 9 years 4 months 24 days |
Note 4 - Shareholders' Equity_4
Note 4 - Shareholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-based compensation expense | $ 68 | $ 674 | $ 608 | $ 1,060 |
Selling and Marketing Expense [Member] | ||||
Stock-based compensation expense | (20) | 534 | 25 | 643 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | 88 | 140 | 583 | 417 |
Share-Based Payment Arrangement, Option [Member] | ||||
Stock-based compensation expense | 68 | 24 | 399 | 316 |
Common Stock Award [Member] | ||||
Stock-based compensation expense | 0 | 0 | 17 | 0 |
Restricted Stock [Member] | ||||
Stock-based compensation expense | $ 0 | $ 650 | $ 192 | $ 744 |
Note 4 - Shareholders' Equity_5
Note 4 - Shareholders' Equity - Weighted-average Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Expected dividend yield | 0% | 0% |
Expected stock price volatility | 87.50% | 78.40% |
Risk-free interest rate | 3.90% | 1.70% |
Expected term (in years) (Year) | 5 years 9 months 18 days | 5 years 10 months 24 days |
Weighted-average grant date fair-value (in dollars per share) | $ 0.17 | $ 0.36 |
Note 4 - Stockholders' Equity -
Note 4 - Stockholders' Equity - Schedule of Warrants (Details) | 9 Months Ended | |||||||
Sep. 30, 2023 $ / shares shares | Sep. 30, 2023 $ / shares shares | Mar. 31, 2023 shares | Dec. 31, 2022 $ / shares shares | Jul. 14, 2021 $ / shares | ||||
Warrants outstanding (in shares) | 27,521,945 | 27,521,945 | ||||||
Warrants, exercise price (in dollars per share) | $ / shares | $ 0.06 | |||||||
Warrants, number exercisable (in shares) | 27,521,945 | |||||||
Jones Special Warrant [Member] | ||||||||
Warrants outstanding (in shares) | [1] | 26,047,137 | 26,047,137 | |||||
Warrants, remaining contractual life (Year) | 5 months 12 days | |||||||
Warrants, exercise price (in dollars per share) | $ / shares | $ 0.63 | $ 0.625 | ||||||
Warrants, number exercisable (in shares) | 26,047,137 | |||||||
Pinestar Warrants [Member] | ||||||||
Warrants outstanding (in shares) | 1,474,808 | [2] | 1,474,808 | [2] | 1,674,808 | |||
Warrants, remaining contractual life (Year) | 6 months | |||||||
Warrants, exercise price (in dollars per share) | $ / shares | $ 0.06 | $ 0.06 | ||||||
Warrants, number exercisable (in shares) | 1,474,808 | |||||||
[1]Upon conversion of the beforementioned 2021 Unsecured Convertible Debenture, 4,025,035 Jones Special Warrants were issued. In connection with the beforementioned Plan of Arrangement, Pinestar completed an offering for Subscription Receipts for aggregate gross proceeds of $8,000,000. Pursuant to the Plan of Arrangement, each Subscription Receipt automatically converted into 16,000,000 Jones Special Warrants. Lastly, Upon conversion of the beforementioned 2022 Unsecured Convertible Debenture, 6,022,102 Jones Special Warrants were issued.[2]In connection with the beforementioned Plan of Arrangement, Pinestar, Pinestar had outstanding 16,800,000 existing common share purchase warrants and as a result of the consolidation, and the number of Pinestar Shares issuable pursuant to the Pinestar warrants as adjusted in accordance with their terms to account for the consolidation (10.031 pre consolidation shares to 1 post consolidation), resulting in an aggregate of approximately 1,674,808 post-consolidated Pinestar warrants, subject to rounding, each exercisable for the purchase of one post-consolidation Pinestar Share at a price of $0.0602 CAD per share. 600,000 warrants were transferred to two Board of Director members for 2022 services, thus resulting in $76,000 in stock compensation expense incurred during the year ended December 31, 2022 |
Note 5 - Segment Information (D
Note 5 - Segment Information (Details Textual) | 3 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | |
Number of Operating Segments | 1 | ||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||
Number of Major Customers | 1 | 1 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 19% | 24% |
Note 5 - Segment Information -
Note 5 - Segment Information - Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 4,497 | $ 4,806 | $ 13,173 | $ 15,344 |
UNITED STATES | ||||
Revenue | 3,464 | 3,746 | 10,507 | 12,187 |
CANADA | ||||
Revenue | 1,033 | 1,021 | 2,626 | 3,055 |
Other Countries [Member] | ||||
Revenue | $ 0 | $ 39 | $ 40 | $ 102 |
Note 6 - Insurance Premium Fi_2
Note 6 - Insurance Premium Financing (Details Textual) - IPFS Corporation Insurance Agreement [Member] - USD ($) | Nov. 15, 2022 | Nov. 15, 2021 |
Debt Instrument, Face Amount | $ 612,000 | $ 903,000 |
Short-Term Debt, Weighted Average Interest Rate, at Point in Time | 6.99% | 4.75% |
Debt Instrument, Term (Year) | 1 year |